The billion dollar retail group says it is changing its name from Aurum Holdings to The Watches of Switzerland Group in a move to more accurately describe the business.

“We have been through quite a transformation in recent years and we believe that this new name is reflective of what we do and clearly more relevant to both the consumer and the investor community,” Brian Duffy, chief executive of the group, told WatchPro today.

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Aurum Holdings, the name that will be used until it is officially changed on September 1, is the umbrella group for Goldsmiths, Mappin & Webb, Watches of Switzerland and Watchshop in the UK.

It owns Mayors, a chain of luxury watch and jewellery boutiques in Florida and Georgia in the United States, and is building Watches of Switzerland showrooms in New York. The group recently took over management of a multi-brand boutique and a vast Rolex store in Las Vegas and is looking at additional expansion in California and Boston.

The business is owned by private equity firm Apollo Global Management, and Mr Duffy has never denied Apollo will be look in to exit its investment when the to is right.

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